Buy BHEL with a target of Rs 271: Rajat Bose

In a chat with ET Now, Rajat Bose of rajatkbose.com, gives his view on stocks. Excerpts:

ET Now: In a market like this, are there any shorting candidates or anything that you are looking to buy at lower levels?

Rajat Bose: If I were to buy anything, then I would go with a contrarian bet, that is Bharat Heavy Electricals because this stock on the weekly chart has given a reversal signal. Now once again it has come to its support area between say 264 and 257.

If 257 is held out by BHEL, it does not fall below that, then definitely BHEL is a buy. For the day, I am betting on BHEL, that means that I am betting on 5250 to hold for the Nifty. I would say put a stop below 260 and keep a target of say about 269 to 271 on the upside.